RRSP, TFSA, OAS, CPP, CCB, Tax and Benefit Numbers For 2024 (2024)

The Canada Revenue Agency recently revealed the inflation rate or indexation factor (4.7%) that will be used to determine key personal income tax and benefit numbers for 2024.

With inflation remaining high in 2023, we are seeing noticeable increases in some of the amounts and limits.

Here are the updated RRSP, TFSA, CCB, CPP amounts and other numbers to get you started for your savings, retirement, and tax return filing efforts in 2024.

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2024 TFSA Contribution Limit

The TFSA numbers kept steady at $6,000 for four years between 2019 and 2022. This lack of change was due to how the TFSA limit is calculated – i.e. annually indexed to inflation and rounded off to the nearest $500.

The TFSA contribution limit increased to $6,500 in 2023, and for 2024, it has increased to $7,000. If you’ve never contributed to the TFSA and have been eligible since 2009, your total contribution room increases to $95,000.

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2024 RRSP Limit

The maximum RRSP contribution allowable in 2024 is the lower of $31,560 or 18% of your earned income in 2023. If you have any workplace pension, this amount may be further reduced by a pension adjustment.

The limit was a maximum of $30,780 for 2023.

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2024 Canada Child Benefits

For the July 2023 to June 2024 payment period, the maximum CCB for children under 6 increases to $7,437, and it is $6,275 for those between 6 and 17.

The total amount you will receive will depend on the number of children and your family’s net income. A phase-out of benefits starts when your family’s net income exceeds $34,863.

Child Disability Amount: The child disability benefit for a child under 18 in 2024 is $3,173.

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RRSP, TFSA, OAS, CPP, CCB, Tax and Benefit Numbers For 2024 (1)

2024 Age Amount

The maximum age amount that can be claimed for 2024 is $8,790. Your net income has to be $44,325 or less to claim the full age amount deduction.

2024 Federal Tax Brackets

Federal tax brackets for 2024 are as follows:

Up to $55,867: 15%
$55,868 to $111,733: 20.50%
$111,734 to $173,205: 26%
$173,206 to $246,752: 29%
$246,753 and over: 33%

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2024 Basic Personal Amount

The basic personal amount for 2024 is $15,705 if your income is $173,205 or less.

The increase in the basic personal amount is phased out gradually until it reaches $14,156 for incomes of $246,752 and over.

2024 Employment Insurance (EI) Rate and Maximum

The maximum annual insurable earning for 2024 is $63,200 ($61,500 for 2023), with EI premiums payable at a rate of 1.66%.

This means that the maximum annual employee premium for 2024 is $1,049.12. The maximum annual employer premium is $1,468.77 for 2024.

Related: How To Apply For EI and EI Sickness Benefits.

2024 CPP Contribution and Payout Amounts

CPP contributions are paid by you and your employer every year on income earned up to a certain amount, referred to as the Maximum Contributory Earnings (MCE).

The maximum contributory earnings for the year are calculated by deducting the basic exemption amount ($3,500) from the maximum pensionable amount ($68,500) for the year.

For 2024, the MCE is $65,000, up from $63,100 in 2023. Therefore, the maximum employee contribution to CPP for 2024 is $3,867.50 (at a 5.95% contribution rate).

The maximum CPP contribution in 2024 for self-employed individuals is $7,735.

The maximum monthly CPP paid out to seniors in 2024 is $1,364.60. However, the average monthly pension is lower for new beneficiaries at $758.32.

Related:

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2024 OAS Maximum and Clawback

For the first quarter of 2024 (January to March), the maximum monthly OAS benefit at 65 years is $713.34, and $784.67 for those aged 75 and over.

OAS clawback starts when your net income is $81,761, and you will receive no OAS if your income exceeds $142,609 (age 65 to 74) or $148,179 (age 75 and over). The OAS amount is adjusted for inflation every three months.

Also indexed to inflation are the GIS and Allowance. For the January to March period of 2024, the following amounts apply:

Maximum GIS amount for a single individual: $1,065.47
Maximum GIS amount to a senior who has a spouse also receiving OAS: $641.35
Maximum monthly Allowance benefit: $1,354.69
Maximum monthly Allowance for the Survivor benefit: $1,614.89

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RRSP, TFSA, OAS, CPP, CCB, Tax and Benefit Numbers For 2024 (2024)

FAQs

How much will CPP and Oas increase in 2024 in Canada? ›

There will be a 4.8% rise in your pension starting in January 2024. All pensioners, survivor pensions, and the deferred pensions of former and divested members are subject to the yearly cost of living adjustment (COLA).

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What is the TFSA contribution limit for 2024? ›

The annual TFSA dollar limit for 2024 is $7,000. The annual dollar limit is indexed to inflation.

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What are the tax brackets for 2024? ›

2024 tax brackets

Tax rate	Single filers	Married couples filing separately
10%	$11,600 or less	$11,600 or less
12%	$11,601 to $47,150	$11,601 to $47,150
22%	$47,151 to $100,525	$47,151 to $100,525
24%	$100,526 to $191,950	$100,526 to $191,150

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What is the new $1200 benefit in Canada for seniors? ›

The CRA is giving $1,200 Extra to seniors with low incomes as part of a government program that helps seniors with low incomes every month. The extra $1,200 CAD benefits are given to people who are qualified for the Canada Pension Plan and Old Age Security. They are not taxed.

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What is considered low income for seniors in Canada? ›

In general, a single senior with an annual income of $33,410 or less, and senior couples with a combined annual income of $54,640 or less, may be eligible for a benefit. These income levels are guidelines only, and are for seniors whose income includes full Old Age Security pension.

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What is the RRSP limit for 2024? ›

$31,560

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What are the contribution limits for 2024? ›

Highlights of changes for 2024. The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan is increased to $23,000, up from $22,500. The limit on annual contributions to an IRA increased to $7,000, up from $6,500.

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What is the RRSP limit? ›

18% of the income you earned in the previous year

The maximum contribution you can make to your RRSP is 18% of your previous year's income or the current fixed contribution limit ($31,560 for 2024).

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How much can a retired person earn without paying taxes in 2024? ›

Unless your combined income for 2024 is less than $25,000 (less than $32,000 for married couples filing jointly), a percentage of your Social Security payments will be subject to income tax.

Is the capital gains tax going up in Canada 2024? ›

Budget 2024 announced an increase in the capital gains inclusion rate from one half to two thirds for corporations and trusts, and from one half to two thirds on the portion of capital gains realized in the year that exceed $250,000 for individuals, for capital gains realized on or after June 25, 2024.

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What is the new tax law for 2024? ›

Standard Deduction Changes for 2024

For tax year 2024, the standard deduction for married couples filing jointly rises to $29,200, an increase of $1,500 from 2023. For single taxpayers, the standard deduction rose to $14,600, a $750 increase from the previous year.

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Will CPP increase next year? ›

The enhancement means the CPP will begin to grow to replace 33.33% of the average work earnings you receiveOpens a new website in a new window after 2019. The maximum limit of earnings protected by the CPP will also increase by 14% between 2024 and 2025.

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How long do you have to live in Canada to get an old age pension? ›

Generally, you can qualify for a full OAS pension (the maximum benefit amount) if you have lived in Canada for at least 40 years after the age of 18. In some situations you may qualify for a full OAS pension without having 40 years of residence.

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What is the maximum income to qualify for GIS in Canada? ›

To be eligible, you and your spouse's combined yearly income must be below a certain amount—an amount determined by the Canadian government each year. According to the listed GIS amounts for 2024, single, divorced, or widowed pensioners can receive up to $1,065.47 each month, if their annual income falls below $21,624.

How much is CPP at 60 vs 65? ›

If you start before age 65, payments will decrease by 0.6% each month (or by 7.2% per year), up to a maximum reduction of 36% if you start at age 60. If you start after age 65, payments will increase by 0.7% each month (or by 8.4% per year), up to a maximum increase of 42% if you start at age 70 (or after).